Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (4) TMI 1077 - AT - Income TaxPenalty u/s. 271D - Deposits and loans in cash in excess of prescribed limit - Held that:- We find that the facts are that the assessee company Mahmood Associates (P) Ltd. received cash loan from its director Md. Mahmood. In view of the above proposition of law laid down by various High Courts i.e. Hon’ble M.P. High Court in the case of Indore Plastics P. Ltd. [2002 (7) TMI 19 - MADHYA PRADESH High Court ], Idhayam Publications Ltd. [2006 (1) TMI 97 - MADRAS High Court] and Natvarlal Purshottamdas Pareekh [2008 (2) TMI 287 - GUJARAT HIGH COURT], supra, we find that the penalty levied by JCIT, Range-12, Kolkata and confirmed by CIT(A) needs to be quashed. No contrary decision was pointed out by Ld. Sr. DR despite we specifically asked him whether any High Court decision is available against the assessee or not. In term of the above, we delete the penalty levied by JCIT and confirmed by CIT(A). - Decided in favour of assessee
|